Industrializing English Law: Entrepreneurship and Business Organization, 1720-1844

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Cambridge University Press, 2000 M06 19 - 331 páginas
Between the passage of the Bubble Act in 1720 and the sweeping reforms of the General Incorporation Act of 1844, the legal framework of business organization in England remained remarkably stagnant despite the profound economic and structural changes wrought by the Industrial Revolution. Originally published in 2000, this book analyzes why this discrepancy occurred, especially when other nations of that time, whose economies were far less developed, were evolving more permissive laws of business organization. Employing extensive primary source archival material, Ron Harris shows how the institutional development of major forms of business organization - the business corporation, the partnership, the trust, the unincorporated joint-stock company - evolved and how English law finally took account of these developments.
 

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Contenido

Introduction
1
The Legal Framework
14
Legal Conceptions of Group Association
15
The Corporation
16
The Partnership
19
The Trust
21
Features of Business Organizations
22
Legal Personality Managerial Hierarchy and Limitation of Liability
23
The Beneficiaries Perspective
156
A Reappraisal
158
The Unincorporated Company in Court Litigation
159
The Obsoleteness of CommonLaw Account Action
160
The Rise and Limitations of Equity Account
162
The Crisis at the Court of Chancery
163
Conclusion
165
The Progress of the JointStock Organization
168

Transferable JointStock Capital
24
Court Jurisdiction
25
Forms of Business Organization
27
The General Partnership
28
The Limited Partnership
29
The QuasiJointStock Partnership
31
The Regulated Corporation
32
The JointStock Corporation
33
The Nonbusiness and Nonprofit Organization
36
BEFORE 1720
37
The Pre1720 Business Corporation
39
The 1550s to the 1620s
40
The 1620S to the 1680s
46
The 1680s to 1720
53
The Bubble Act Its Passage and Its Effects
60
Bubble Companies or National Debt
61
Three Explanations for the Passage
64
From Bill to Act
65
The South Sea Company Lobby
68
The AntiBubbles Lobby
70
The Public and the Government
71
A Turning Point?
78
17211810
83
Two Distinct Paths of Organizational Development Transport and Insurance
85
Transport
86
The Organization of River Navigation Improvement
90
The Coming of the JointStock Canal Corporations
95
Insurance
100
The 1720s to the 1750s
102
The 1760s and the 1770s
103
The 1790s and the 1800s
106
The End Point
107
The JointStock Business Corporation
110
The Raising and Transferability of Joint Stock
114
The Legal Nature of Corporate Shares
117
The Stock Market
118
Limited Liability
127
Entry Barriers
132
Trusts Partnerships and the Unincorporated Company
137
The Appropriate Legal Framework
139
The Lack of Legal Entity
141
Continuity
142
Liability
143
Governance
144
Statutory and Other Implications
145
The Role of the Trust
147
The Origins of the Trust
148
The Strict Settlement Trust
149
The Investment Trust
150
The Unincorporated Company Trust
152
The Trustees Perspective
153
Circa 1740
170
Sectoral Survey
173
Metal Industries
177
Food Industries
178
Utilities
182
Banking
183
Fisheries
184
Sectors Outside the Realm of Common Law
186
Mining
190
CIRCA 1810
193
The Importance of the JointStock Organization in the Economy
194
Concluding Remarks
198
The Attitudes of the Business Community
201
The Promoters of the New Companies and Their Foes
202
The Conflict over the Old Monopolies
203
Trade Monopolies and the East India Company
204
The Marine Insurance Corporate Monopoly
207
The Bank of England Monopoly
211
Conclusion
215
Booms and Crises
216
The Boom of 1825
217
18261844
218
Hostility to Speculation in Shares
223
The JointStock Company in Court
230
The Judiciary
231
The Revival of the Bubble Act
235
18081812
236
Litigation During the Boom of 1825
241
The Reinvention of the Common Law
245
The JointStock Company in Parliament
250
The Rush on Parliament
254
The Debates in Parliament
256
Peter Moores Bubble Act Repeal Bill
262
The Repeal of the Bubble Act
265
18271841
268
Return to Incorporation by the Crown
270
Limited Liability Partnership
273
The Rise of the Concept of Registration
274
The Select Committee of 1841
277
18411844
278
The Parliamentary Committee
279
The Companies Act of 1844 and Its Significance
282
Laissezfaire or Intervention?
285
Conclusion
287
The Rise and Decline of the Major Trading Corporations
295
Capital of JointStock Companies circa 1810
297
Bibliography
301
Index of Cases
323
Index of Statutes
325
General Index
326
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